Barclays bosses are giving away a third of their fixed pay for the next six months to help people affected by the coronavirus pandemic.
The donations from Chairman Nigel Higgins, Chief Executive Officer Jes Staley, and finance director Tushar Morzaria come as the British lender sets up a package of £100 million for charities aiding those affected by the virus, Barclays said in a statement Tuesday.
The decision to forgo some pay follows similar moves by other banks, which are under pressure to keep lending while conserving capital during the crisis. Nationwide Building Society Chief Executive Officer Joe Garner said he would cut his salary by a fifth and give up his bonus. Top managers at TSB earlier Tuesday waived their bonuses for 2020, following the lead of executives at their Spanish parent Banco de Sabadell SA. Standard Chartered has committed $1 billion to companies involved in the fight against the pandemic.
Last week, the Bank of England’s Prudential Regulation Authority called on the UK’s leading lenders, including Barclays, HSBC Holdings and Lloyds Banking Group, to cease paying cash bonuses to their top staff and scrap dividends. Banks agreed to the latter but haven’t commented on bonus plans.
Staley received a total of £5.9 million last year, including £2.35 million in fixed pay.